Slide 1: SIPEF Analyst presentation
SIPEF Analyst presentation August 13, 2026 1
Slide 2: Summary
Summary SIPEF group - Company profile SIPEF group – El Niño SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 3: SIPEF at a glance
SIPEF AT A GLANCE Belgium USD 570 million Headquarters Total sales in FY2025 1919 More than More than 24.000 52.000 T employees of bananas More than Listed on the 440 000 T of CPO EURONEXT stock exchange 100% 9.8 years Young average age RSPO COMPLIANT 3 profile
Slide 4: Planted hectares per 31 December 2025
PLANTED HECTARES PER 31 DECEMBER 2025 Hectares 2025 Indonesia PNG Côte d’Ivoire 100% Palm 71.026 13.550 0 84.576 Bananas 0 0 1.238 1.238 Total planted 71.026 13.550 1.238 85.814 4
Slide 5: Evolution planted hectares palm
EVOLUTION PLANTED HECTARES PALM EVOLUTION OWN PALM HECTARES 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Slide 6: Evolution own CPO productions
EVOLUTION OWN CPO PRODUCTIONS +42% EVOLUTION OWN CPO PRODUCED 500.000 450.000 400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20
Slide 7: Evolution turnover - equity - NFP - result
EVOLUTION TURNOVER - EQUITY – NFP - RESULT 1.000 800 600 Turnover In MUSD Equity 400 Net financial position Result, share of the Group 200 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -200 7
Slide 8: Summary
Summary SIPEF group - Company profile SIPEF group – El Niño SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 9: Strong El Niño; effects will extend into 2027
Strong El Niño; effects will extend into 2027 WMO expects a strong event in H2 2026; local rainfall remains the key operational variable. What El Niño is Timing of the risk • Persistent warming of the central H2 2026 Late 2026 / Q1 2027 2027 and eastern equatorial Pacific. Weather signal Stress Outp
Slide 10: El Niño creates risks across the oil complex
El Niño creates risks across the oil complex Palm and soybean exposure is significant, but South American rainfall effects can pull in opposite directions on soybean. Oil Direct exposure Likely 2026–27 effect Market read-through Palm High downside South-East Asian rainfall deficits can reduce Delaye
Slide 11: Palm production responds with a lag
Palm production responds with a lag Drought affects both current bunch development and the pipeline of future bunches. 1 2 3 4 Dryness / heat Water stress FFB impact CPO impact Rainfall deficit and Soil moisture falls; fruit Bunch weight may The full production higher evaporative set, bunch filling
Slide 12: Lower volume can coincide with higher prices
Lower volume can coincide with higher prices The earnings read-through is therefore not one-sided. Volume headwind Price tailwind • 2026 rainfall deficits can reduce 2027 FFB and • Vegetable oil supply risk tightens the global CPO production. vegetable-oil balance. • Impact depends on where and when
Slide 13: Summary
Summary SIPEF group - Company profile SIPEF group – El Niño SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 14: Group productions – crude palm oil
GROUP PRODUCTIONS – CRUDE PALM OIL Palm Oil Jun-26 Jun-25 Variance Own Tolan Tiga Group 29 615 30 509 -2,9% Umbul Mas Wisesa Group 18 456 19 843 -7,0% Agro Muko Group 42 825 42 655 0,4% South Sumatra Group 44 750 33 687 32,8% Hargy Oil Palms 47 726 43 415 9,9% Total own 183 373 170 110 7,8% Outgrowe
Slide 15: Monthly group productions – CPO 2026
MONTHLY GROUP PRODUCTIONS – CPO 2026 45.000 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 January February March April May June July August September October November December Mtd LY Mtd CY 15
Slide 16: Group productions – bananas
GROUP PRODUCTIONS – BANANAS Bananas Jun-26 Jun-25 Variance Azaguie 6 433 5 935 8,40% Agboville 4 941 3 538 39,64% Motobé 2 984 3 040 -1,85% Lumen 7 866 8 639 -8,95% Akoudié 6 205 4 825 28,60% Total Bananas 28 429 25 977 9,44% 16
Slide 17: Bull and bear
BULL AND BEAR MDEX Rating Bullish inputs Bearish inputs Palm Oil Friendly - War in Iran and Ukraine/Russia: petro and - Indonesian new export regulation, unclarity creates particularly gasoil rally supports biodiesel. uncertainty…will last till early 2027. Long Term - Increased biodiesel mandates, I
Slide 18: CPO prices 2025 – 2026
CPO PRICES 2025 – 2026 Crude Palm Oil in $/mt MDEX Source: Bursa Malaysia 1 200 1 150 1 100 1 050 1 000 950 900 850 800 750 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2026 18
Slide 19: Spread CPO – soybean oil
1 300 1 500 1 700 1 900 2 100 500 700 900 1 100 2009M01 2009M04 2009M07 2009M10 2010M01 2010M04 2010M07 2010M10 2011M01 2011M04 2011M07 2011M10 2012M01 2012M04 2012M07 2012M10 2013M01 2013M04 2013M07 2013M10 2014M01 2014M04 2014M07 2014M10 2015M01 2015M04 2015M07 2015M10 2016M01 2016M04 2016M07 2016
Slide 20: Summary
Summary SIPEF group - Company profile SIPEF group – El Niño SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 21: June 2026 gross margin in KUSD
JUNE 2026 GROSS MARGIN IN KUSD Gross margin palm Gross margin Bananas 300.000 30.000 279.435 27.806 250.000 25.000 227.420 22.488 200.000 20.000 150.000 15.000 125.492 108.689 100.000 10.000 45% 46% 48% 5.726 50.000 5.000 4.050 21% 18% 0 0 June 2026 June 2025 June 2026 June 2025 Turnover palm GM pal
Slide 22: Profit and loss statement – June 2026 (1/2)
PROFIT AND LOSS STATEMENT – JUNE 2026 (1/2) KUSD June '26 June '25 Difference Gross margin Palm 125.492 108.689 16.803 Bananas 5.726 4.050 1.676 G&A including corporate -30.655 -26.411 -4.244 Other operating -1.535 -1.687 152 Operating result 99.028 84.641 14.387 22
Slide 23: Profit and loss statement – June 2026 (2/2)
PROFIT AND LOSS STATEMENT – JUNE 2026 (2/2) KUSD June '26 June '25 Difference Operating result 99.028 84.641 14.387 Finance income/charges 1.453 -407 1.860 Exchange -5.002 4.587 -9.589 Financial result -3.549 4.180 -7.729 Profit before tax 95.479 88.821 6.658 Tax -27.182 -27.063 -119 Profit after ta
Slide 24: Balance sheet – June 2026
BALANCE SHEET – JUNE 2026 In KUSD (management presentation) 30/06/2026 31/12/2025 Biological assets (depreciated costs) - bearer plants 332 278 334 813 Goodwill 104 782 104 782 Other fixed assets 476 491 475 732 Receivables > 1 year 37 359 40 234 Assets held for sale 986 5 108 Net current assets, ne
Slide 25: Cash flow – June 2026
CASH FLOW– JUNE 2026 In KUSD (management presentation) 30/06/2026 30/06/2025 Cash flow from operating activities before change in net working capital 126 322 108 928 Change in net working capital - 37 347 - 21 252 Income taxes paid - 25 556 - 12 867 Cash flow from operating activities after tax 63 4
Slide 26: Value per hectare
VALUE PER HECTARE Sensitivity 30/06/2026 Stock price @ USD per hectare 60,00 7.269 70,00 8.762 80,00 10.255 90,00 11.748 100,00 13.241 110,00 14.734 BOOKVALUE PER HECTARE = 10 831 USD/Ha 26
Slide 27: Summary
Summary SIPEF group - Company profile SIPEF group – El Niño SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 28: Strategic priorities
FINALIZING INNOVATION TARGETING ONGOING THROUGH PREMIUM MARKETS EXPANSIONS DEVELOPMENT OF WITH HIGH-QUALITY HIGH-YIELDING F1 LOW-CONTAMINANT HYBRID SEEDS PALM OIL ONGOING COMMUNITY NEW PROJECTS SUSTAINABILITY ENGAGEMENT COMMITMENTS
Slide 29: Strategic projects
Strategic projects Early Adoptors ❖Introducing or trialing new technologies; improving production quality ▪ Chloride reduction: Installation of washing plants in all remaining Indonesian mills in 2026. ▪ Carbon reductions: Installation of biogas CNG and methane capturing installations in 4 mills in
Slide 30: Strategic projects
Strategic projects 1 Agronomic & operational innovation Deeper understanding of the drivers of plantation performance through better use of operational data. Benchmark production against rainfall, sunshine, climate conditions and fertiliser application. Separate external factors from underlying agro
Slide 31: Summary
Summary SIPEF group - Company profile SIPEF group – El Niño SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 32: Prospects – 13/08/2026
PROSPECTS – 13/08/2026 ❖Production ➢ Steady production outlook for the remainder of the year but weather remains important ➢ Group palm oil productions expected to be around 470.000 tonnes ➢ Indonesia expected to be in line with projections ➢ PNG expected to remain above target ➢ Group banana produc
Slide 33: Prospects – 13/08/2026
PROSPECTS – 13/08/2026 ❖ Results ➢ 70% of the projected palm oil volume sold at USD 1 007 per tonne EMG ❑ PNG 93% at 1 200 USD/tonne EMG ❑ Indonesia 60% at 875 USD/tonne EMG ➢ Sales prices continue to be impacted by local export levy/taxes in Indonesia. ➢ Banana productions continue with fixed-price
Slide 34: The Connection to the world of Sustainable Tropical Agriculture
The Connection to the world of Sustainable Tropical Agriculture 34